AUD/USD Price Analysis: Bulls move in at key support, 0.6720s eyed
|- AUD/USD bears are lurking but bulls are stepping in.
- The price is stalling on the sell-off at a key support area, so a correction is eyed.
AUD/USD has dropped into support near 0.6690 and is starting to decelerate in the drive lower. A correction could be on the cards as illustrated above. The target areas are in the 0.6720s and then towards 0.6750.
AUD/USD H4 chart
From an hourly perspective, the 50% mean reversion of the prior bearish impulse aligns in the 0.6750s also:
A move into resistance could equate to a downside continuation towards 0.6670 initially.
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